NH · Healthcare
Narayana Hrudayalaya Ltd. reported revenue of ₹2,844 cr for July to September 2026, +73.0% on the year and +6.0% on the quarter. That is faster than this quarter has grown in recent years (+12.5% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹10,273 cr, +72.3% on the four before.
Operating profit (EBITDA) was ₹551 cr, a margin of 19.4%, −502 bps on the year and +194 bps on the quarter. Over the last 8 quarters the margin has ranged from 17.0% to 24.4%, averaging 20.9%. Operating costs grew +84.5%, faster than revenue at +73.0%, so operating profit grew less than sales.
Net profit was ₹301 cr, +16.7% on the year and +45.4% on the quarter, with earnings per share of ₹14.73. Profit before other income, one-offs and tax grew 7.0%, so 10 points of the headline growth came from outside the core business. The tax rate was 12% against an average of 17% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹859 cr, +1.7% on the four before.
Of the 13 companies in Healthcare that have reported Q2 FY27 so far, Narayana Hrudayalaya Ltd. ranks 1st on revenue growth; the sector median is +23.5%. Its margin moved −502 bps on the year against a sector median of +1 bps.
On earnings per share of ₹42.03 over the last four quarters, the stock at ₹1,715.60 trades at 40.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,204 cr | ₹1,246 cr | ₹1,306 cr | ₹1,367 cr | ₹1,335 cr | ₹1,475 cr | ₹1,507 cr | ₹1,644 cr | ₹2,151 cr | ₹2,594 cr | ₹2,684 cr | ₹2,844 cr |
| YoY | — | — | +6% | +5% | +11% | +18% | +15% | +20% | +61% | +76% | +78% | +73% |
| EBITDA margin | 23.2% | 23.4% | 23.1% | 22.6% | 23.0% | 24.3% | 22.4% | 24.4% | 17.0% | 19.6% | 17.4% | 19.4% |
| Other income, % of PBT | 9% | 12% | 10% | 10% | 8% | 8% | 10% | 8% | −19% | 9% | 13% | 15% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 10% | 15% | 13% | 14% | 12% | 22% | 15% | 13% | 15% | 22% | 20% | 12% |
| Net profit | ₹188 cr | ₹191 cr | ₹202 cr | ₹199 cr | ₹193 cr | ₹197 cr | ₹197 cr | ₹258 cr | ₹127 cr | ₹224 cr | ₹207 cr | ₹301 cr |
| YoY | — | — | +10% | −12% | +3% | +3% | −2% | +30% | −34% | +14% | +5% | +17% |
| Core profit YoY | — | — | +8% | −9% | +5% | +18% | +0% | +30% | −11% | +12% | +8% | +7% |
| EPS | ₹9.20 | ₹9.33 | ₹9.85 | ₹9.72 | ₹9.44 | ₹9.65 | ₹9.62 | ₹12.64 | ₹6.20 | ₹10.96 | ₹10.14 | ₹14.73 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | 2 | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Narayana Hrudayalaya Ltd. reported revenue of ₹2,844 cr (+73.0% on the year) and net profit of ₹301 cr (+16.7% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +7.0% on the year, against +16.7% for reported profit.
2 checks raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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